Anonymous shelf assessment
Fallen Angels and Rising Stars: How to Invest in Changing Credit Ratings
Shelf score 7.5 / 10
On Fallen Angels and Rising Stars: How to Invest in Changing Credit Ratings · Edward I. Altman · Edith Hotchkiss · John Wiley & Sons
Published 23 March 2026
This work provides an empirical analysis of credit rating migrations and their implications for investment strategies.
Overview
Published in 2006, this book by Edward I. Altman and Edith Hotchkiss focuses on the dynamics of credit ratings, particularly the phenomena of 'fallen angels' and 'rising stars'. It presents an essential empirical analysis of rating migrations and credit cycles, making it a valuable resource for understanding market fluctuations.
The authors delve into the implications of credit rating changes for investors and analysts, offering insights into how these shifts can affect investment decisions. The book is particularly aimed at those involved in credit analysis and investment management, providing empirical data that supports default prediction and investment strategy formulation.
Despite its strengths, the publication date may limit its relevance in the context of more recent market developments. However, the foundational concepts and empirical analysis presented remain significant for understanding credit market dynamics.
By area & interest
Empirical Analysis
The book offers a detailed empirical analysis of credit rating migrations, providing data that can aid in predicting defaults.
Investment Strategies
It discusses how changes in credit ratings can inform investment strategies, particularly for analysts and credit managers.
Market Dynamics
The exploration of credit cycles and their impact on market dynamics is crucial for understanding the broader economic environment.
Basis of this assessment
This assessment is based on the catalogue description and the provided topics and audience information.
Strengths
The book is rich in empirical data and offers valuable insights into credit rating migrations, making it a useful tool for analysts and investors.
Limitations
Published in 2006, the content may not fully reflect the latest trends and changes in the credit market.
Ideal reader
This book is ideal for analysts, credit managers, and investors seeking to deepen their understanding of credit rating dynamics and their implications for investment.